In a landmark case, I Lithuanian courts for the first time opened secondary insolvency proceedings against a foreign debtor. The Lithuanian Court of Appeal (‘Court’) recently upheld the decision of the Court of first instance which opened secondary insolvency proceedings against a German debtor. The key question to be examined in this case was at which moment must the criteria for an ‘establishment’ by the European Insolvency Regulation - ‘EIR’) exist for Lithuanian courts to have international jurisdiction to open secondary insolvency proceedings. Defining the decisive moment, the Court deviated from the court practice in other Member States, including the recent judgment of the UK Supreme Court in the well-known Olympic Airlines 3 case. 1 2 (as defined
Location